Lufthansa cuts 20,000 flights

The German carrier stated that the reduction in service will focus on less profitable European routes to save approximately 40,000 metric tons of fuel.

Other major airlines, including United and Air Canada, have also warned of impending fare hikes of up to 20% to offset the rising energy costs.

The International Energy Agency has cautioned that Europe may have only six months of fuel security if the Strait of Hormuz remains closed.

Travel experts are advising holidaymakers to prepare for significant disruptions and limited availability throughout the summer season.